The mining exploration company said its plan to consolidate its shares on the basis of ten common shares for one new share of the company has been accepted by the TSX Venture Exchange.
VanadiumCorp Resources Inc announced that its plan to consolidate its common stock on a 1:10 share basis has been accepted by the TSX Venture Exchange.
Before the consolidation was implemented, the Vancouver-based mining exploration company had 3.19 million shares issued and outstanding. The company said that immediately after the consolidation is implemented, the company will have 3.2 million shares issued and outstanding. No fractional shares will be issued as a result of the consolidation. Every fractional share after the consolidation that is less than half a share will be canceled and every fractional share that is at least half a share will be rounded up to the nearest whole share, said the society.
At the start of trading on April 18, 2022, the pre-consolidation shares in the name of VanadiumCorp Resource Inc (TSX-V:VRB). will be delisted and the post-consolidation shares will begin trading under the same name VanadiumCorp Resource Inc (TSX-V:VRB) and trading symbol “VRB,” the company said.
Read: Vanadiumcorp Resource plans to arrange debenture financing to raise up to a maximum of $2 million
After the consolidation, the company said it would renew its focus on mineral exploration and metallurgical process improvement for this year and 2023. The company pointed out that the United States and South Africa granted the patent company for its 100% owned hydrometallurgical process, VEPT (Vanadiumcorp -Electrochimie-Process-Technologie).
Applications are fast-tracked in other jurisdictions, but the patent granted by the United States is very favorable, the company noted. The company also pointed out that vanadium and titanium have been recognized as critical metals in all Western economies. Significantly, an IMF working paper concludes that the clean energy transition is necessary to avoid the “worst effects of climate change” and could trigger “unprecedented demand for metals in the decades to come”. Vanadium, graphite and cobalt are expected to be the most undersupplied relative to demand over the next 30 years in a net-zero emissions economy, the company said.
VanadiumCorp said the key to an adequate supply of critical vanadium and titanium metals will be switching to alternative extractive technologies such as the company’s VEPT hydrometallurgical process. To this end, the company plans to fund and execute a multidimensional program of bulk sampling, mineralogy and hydrometallurgical testing at its Lac Dore and Iron T deposits.
The goal of the program is to improve the yields and quality of outputs from its VEPT process and to investigate cost-saving measures, such as the acid recycling process, the company said.
VanadiumCorp owns the Lac Dore vanadium, iron and titanium project, located 27 km east-southeast of the city of Chibougamau in Quebec, as well as the Iron T deposit, VTM in Matagami.
Contact author Uttara Choudhury at [email protected]
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